Announcement of Periodic Review: Moody's announces completion of a periodic review of ratings of Sonic Automotive, Inc. New York, April 22, 2020 -- Moody's Investors Service ("Moody's") has completed a periodic review of the ratings of Sonic Automotive, Inc. and other ratings that are associated with the same analytical unit. The review was conducted through a portfolio review in which Moody's reassessed the appropriateness of the ratings in the context of the relevant principal methodology(ies), recent developments, and a comparison of the financial and operating profile to similarly rated peers.
Shares of Sonic Automotive (NYSE:SAH) were unchanged in pre-market trading after the company reported Q1 results.Quarterly Results Earnings per share increased 2.56% year over year to $0.40, which beat the estimate of $0.22.Revenue of $2,308,000,000 lower by 3.43% from the same period last year, which beat the estimate of $2,270,000,000.Looking Ahead Sonic Automotive hasn't issued any earnings guidance for the time being.Revenue guidance hasn't been issued by the company for now.Conference Call Details Date: Apr 30, 2020View more earnings on SAHTime: 01:03 AM ETWebcast URL: https://ir.sonicautomotive.com/news-events/ir-calendar/detail/7095/q1-2020-earnings-conference-callPrice Action 52-week high: $35.4152-week low: $9.00Price action over last quarter: down 35.50%Company Overview Sonic Automotive is the fourth-largest public auto dealership group in the United States by new-vehicle sales. The company has 86 franchised stores in 12 states, primarily in metropolitan areas, plus nine EchoPark used-vehicle stores. In addition to new- and used-vehicle sales, the company derives revenue from parts and collision repair, finance, insurance, and wholesale auctions. Luxury and import dealerships make up about 90% of new-vehicle revenue, while Honda, BMW, Mercedes, and Toyota constitute over 60% of new-vehicle revenue. 2019's revenue was $10.5 billion, with EchoPark's portion totaling $1.2 billion.See more from Benzinga * Recap: Fresh Del Monte Produce Q1 Earnings * Summit Materials: Q1 Earnings Insights * Recap: Criteo Q1 Earnings(C) 2020 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
While Tesla (TSLA), Harley Davidson (HOG) and Cummins (CMI), among others, manage to deliver Q1 earnings beat, Ford (F) posts wider-than-expected loss.
SONIC AUTOMOTIVE UPDATES SCHEDULED RELEASE OF 2020 FIRST QUARTER FINANCIAL RESULTS
Several more of the Charlotte region's biggest public companies go to virtual shareholder meetings because of the COVID-19 crisis. Who isn't joining the queue?
Sonic Automotive (SAH) is well poised to benefit from expanding the network of its stores to boost sales. However, weak demand for vehicle amid the coronavirus pandemic remains a concern.
Sonic Automotive Inc , which operates 95 U.S. car dealerships, started laying off and furloughing about a third of its workforce as the coronavirus pandemic crushed its sales. Then it changed its executives' pay packages - handing them a multimillion-dollar windfall. On April 10, Sonic's board gave its top executives stock options to replace performance-based share awards, regulatory filings show.
Activist institutional investor California Public Employees' Retirement System is calling on fellow Sonic Automotive Inc. shareholders to throw chairman and founder Bruton Smith and six other directors off the board.
Sonic Automotive Schedules Release of 2020 First Quarter Financial Results
Sonic Automotive Provides Update To 2020 Outlook; Updated Information Reflects Increased Consumer Activity
Today we'll look at Sonic Automotive, Inc. (NYSE:SAH) and reflect on its potential as an investment. In particular...
NEW YORK/DETROIT, March 23 (Reuters) - Auto retailers have been slow to embrace e-commerce, but the coronavirus pandemic is changing that. Online traffic has risen even as in-person showroom traffic has disappeared. Auto dealers are embracing digital tools to close deals without a handshake and arranging for vehicles to be picked up or delivered without requiring customers to come to their stores.
Sonic Automotive Reports 1st Quarter 2020 Results With All-Time Record EchoPark Revenue And Unit Sales
Image source: The Motley Fool. Sonic Automotive Inc (NYSE: SAH)Q1 2020 Earnings CallApr 30, 2020, 11:00 a.m. ETContents: Prepared Remarks Questions and Answers Call Participants Prepared Remarks: OperatorGood morning and welcome to the Sonic Automotive First Quarter 2020 Earnings Conference Call.
Sonic Automotive Announces Change to Virtual Annual Meeting
Sonic Automotive Inc. said Tuesday that it has seen "increasing consumer activity" over the past few weeks in most of its market, as the stay-at-home orders resulting from the COVID-19 pandemic have been gradually relaxed, leading to new and used vehicle volume performing better than expected week to week. So far in May, the auto retailer said same-store new vehicle sales volume is down less than 20% from a year ago and used vehicle sales volume is down less than 15%. When the company reported first-quarter results on April 30, it said April new units were down 40%, with franchised used units down 33%. Meanwhile, gross profit per unit in May continues to be lower than a year ago, given price adjustments made to boost sales. Used vehicle inventory days' supply has improved to 29 days at franchised stores from 37 days at the end of March. The stock, which is still inactive in premarket trading, has dropped 17.1% over the past three months while the S&P 500 has lost 12.8%.
Light-vehicle sales have risen for six straight weeks. That is a good sign for beaten-up car stocks and for the economy.
Q1 2020 Sonic Automotive Inc Earnings Call
Sonic Automotive (SAH) delivered earnings and revenue surprises of 100.00% and -0.75%, respectively, for the quarter ended March 2020. Do the numbers hold clues to what lies ahead for the stock?
Sonic Automotive Inc, which operates 95 U.S. car dealerships, started laying off and furloughing about a third of its workforce as the coronavirus pandemic crushed its sales. Then it changed its executives' pay packages - handing them a multimillion-dollar windfall. On April 10, Sonic's board gave its top executives stock options to replace performance-based share awards, regulatory filings show.